Paytm Founder Slams Banks, Says They Are Rent Seekers
Paytm the Indian e-commerce giant awaits for its approval from RBI to start its own bank. On speaking with India Today Conclave 2017, the founder of Paytm Vijay Shekhar Sharma said that small transaction from one account to another should attract no transaction fee. He also slammed traditional banking calling them to rent seekers.
He said The cost that banks put on the payments (is big). I dont know its your money, moving from your account to this account. Why it should be pricey and costly, he asked. There are rent seekers on the way, and there are people who make money just because it moves (from one account to another).
Vijay Shekhar Sharma said that this will be different with this bank which is likely to start operating in a month. The company will bring necessary changes in the financial industry of the country. The company hopes to make money when people spend money to buy goods and services through digital transactions were as the other traditional bank’s charger individual consumers and small merchants when moving from one account to other.
Paytm founder believes that the financial system of this world is against those who are work hard and are sincere or to those who dont know the tricks to get out of these complex rules of banks. He said I fundamentally believe that the world is broken for people who are sincere and hardworking. It happened to me. Personally, my family is an example of it. Financial systems are extremely penalizing for extremely sincere people,”
Although the founder of the company is against small transactions that the bank imposes for routine transactions, his company decided to tax 2 percent free on wallet through credit cards.